Bitcoin on Friday, December 8 recorded the first miniscule drop in its pricing in days. The oldest, most expensive cryptocurrency at the time of writing is trading at the price point of $43,448 (roughly Rs. 36.2 lakh). In the last 24 hours, the value of Bitcoin fell by $544 (roughly Rs. 45,355). Despite this minor setback, Bitcoin has garnered appreciation from the market experts after it demonstrated a 14 percent increase month-to-date and an impressive 162 percent surge year-to-date.
Ether rose in value by 4.65 percent, taking a different trajectory than Bitcoin. The crypto asset is currently trading at $2,367 (roughly Rs. 1.97 lakh). Over the last 24 hours, the value of ETH has risen by $117 (roughly Rs. 9,754).
“The altcoin space seems to be giving tough competition to crypto king Bitcoin. If we look at the 24-hour data, Ethereum has outperformed Bitcoin by almost six percent while other altcoins like ADA, SOL, and MATIC witnessing significant surges in their prices. The current market momentum is expected to be sustained owing to positive macroeconomic factors,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Most cryptocurrencies today are tailing behind Ether and finding themselves on the profit-making side of the crypto price chart.
Binance Coin, Ripple, Solana, Cardano, Avalanche, and Chainlink saw profits.
Polygon, Polkadot, Shiba Inu, Leo, Stellar, and Monero are also all trading in profits.
In the last 24 hours, the overall valuation of the crypto sector rose by 0.52 percent to stand at its current mark of $1.61 trillion (roughly Rs. 134,22,046 crore), as per CoinMarketCap.
“Ethereum and Solana have attained their highest valuation levels since May 2022, showcasing a distinct upward trajectory in their market performance. Overall, the market looks bullish with positive optimism as most HODLers have no intention of selling early. There is also anticipation surrounding the release of the US employment data today,” Edul Patel,Co-Founder and CEO, Mudrex told Gadgets360.
Meanwhile, loss-making cryptocurrencies today include USD Coin, Dogecoin, Tron, Cronos, Near Protocol, and Status.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
